China is known for so much that has changed and many see China as the land of opportunity. The latest adventure has been the use of Bitcoin. It’s rise and fall. One way to look at China is as much as there is new there are some things that don’t change. In China there are two fundamentals, Power and Money. And, Money and Power. To give you an idea of how power and money are different in China read this Economist article on how much richer the politicians are in China vs. the USA.
Power and money
Sep 28th 2013 | From the print edition
On 11/24/2013 Forbes discusses how Bitcoin, Baidu, and Beijing are a triangle.
A China Triangle: Bitcoin, Baidu And Beijing
Thinking of buying trinkets in Beijing? Don’t forget to bring your Bitcoins. China, in the last few weeks, has gone crazy over the cryptocurrency, which is now accepted by Chinese online retailers, a Shanghai real estate developer,and traders in Tiananmen Square. Perhaps you want a latte in Zhongguancun? Yes, you can use Bitcoins to pay for caffeine in Beijing’s high-tech zone.
And less than two weeks later Baidu and Beijing shut down the use of Bitcoin.
China Slams Bitcoins: What's Next?
Why the sudden change? Because Bitcoin changes the Money system in China which effects Power. Those in power don’t like to see the money system changed in a way that could affect their power.